==== net income margin ==== Net Income Margin is calculated by dividing Net income by Total revenue. Ex:- VIRT's Q4 earnings report (https://ir.virtu.com/files/doc_financials/2023/q4/Virtu-Financial-Earnings-Release-2023-Q4.pdf) shows that it had a net income of \$6.7 million and a total revenue of \$536.0 million in Q4 2023. So its net income margin for Q4 2023 will be In [1]: net_income = 6.7e6 total_revenue = 536.0e6 net_income_margin = (net_income / total_revenue) * 100 round(net_income_margin, 1) Out[1]: 1.2 The PDF shows that it is 1.3% . The difference is probably due to rounding of the inputs. The PDF also shows that it had a net income of \$263.9 million and a total revenue of \2,293.4 million in full year 2023. So its net income margin for full year 2023 will be In [2]: net_income = 263.9e6 total_revenue = 2293.4e6 net_income_margin = (net_income / total_revenue) * 100 round(net_income_margin, 1) Out[2]: 11.5 The PDF shows that it is 11.5% matching with the above.